For the second year in a row, the Mustang remained unchanged. The only significant difference between the 1972 and 1973 Mustangs is the extended front bumper mandated by new government safety requirements. Fortunately, the larger bumper didn't hurt the Mustang's appearance as much as it did on other cars of the era. In 1973, Ford announced that it would no longer be offering Mustang convertible.

The 1973 Mustang brought on the end of an era. With the new safety and emission standards and the demise of cheap gasoline, the 1974 Mustangs would no longer be the muscle cars they once were. The 1974s were marketed as economy cars, and for the first time, a 4-cylinder Mustang would be available.